FICO score chart. Your credit score is the key to your credit rating, and the ability to get a low interest loan. Knowing how the FICO credit score range works is key to your financial future.
Maybe you have heard about the fico score chart, but you may not be sure what it is and how it all works. First, you need to understand that FICO actually stands for the Fair, Isaac and Company and it is a special score that puts together your credit score by looking at all three of the credit bureaus.
This score essentially shows lenders how credit worthy you are. Whenever you take a look at your credit, you'll see this score and your own credit score will fall within a fico credit score range.
To help you understand this chart and how your score affects you, here is a closer look.
If you look at the chart for your credit score, you'll find that there are several different variables. Each of the credit reporting agencies will give their own score in the form of a number. There are many things that factor into this score as well.
Here is a look at some of the information that is used to figure out your credit score.
These are just a few of the things that will influence your credit score on the fico range chart. Even if you have a problem in one area, the other areas may be able to balance it out.
It is helpful to know that your score is not based upon one area of your credit history, which is why fico scores explained is important information that can help you.
There are many fico score ranges. Some scores are in a range considered excellent, there is a good fico credit score range, and there are fair and poor ranges as well. Once you have your score on the fico score chart, you may be wondering where it falls as compared with other consumers in the country.
If you take a look at the chart, you'll find that the largest section of consumers have credit scores falling between 750 and 799, with 27% of consumers having a score that falls in this fico credit score range.
Next, you'll find that 18% of consumers have a score that falls somewhere between 700 to 749. Between 650 and 699 is where 15% of consumers fall on the charts. Incredibly, 13% actually have a credit score that is 800 or above, which is considered excellent. Only 2% of people have a score that is less than 500.
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Disclosure: I am an independent Credit Repair Cloud™ Affiliate, not an employee. I receive referral payments from Credit Repair Cloud. The opinions expressed here are my own and are not official statements of Credit Repair Cloud.